Wholesale inventories and sales rise in January: Businesses at the wholesale level added to their stockpiles in January and their sales jumped by the largest amount in 14 months. But the spike in sales was partially influenced by rising oil prices. Wholesale inventories rose 1.1 percent in January, the Commerce Department said Wednesday. It was the 12th gain in 13 months. Sales at the wholesale level rose for the seventh straight month. The 3.4 percent increase was the largest gain since November 2009. Still, a 10.6 percent rise in demand for petroleum helped drive the jump in sales, reflecting higher oil and gas prices.

Stocks

Stocks lower as bull market enters 3rd year: The two-year anniversary of the fastest bull market since the 1950s ended on a down note. Stocks dipped Wednesday as crude oil prices hovered near $104 a barrel, continuing a three-week run of high prices that economists say could slow the economic recovery. The S&P index lost 1.80 points, or 0.1 percent, to close at 1,320.02. The Dow Jones industrial average dipped 1.29, or less than 0.1 percent, to 12,213.09. The Nasdaq composite fell 14.05, or 0.5 percent, to 2,751.72. The conflict in Libya has raised concerns about a drop in oil production, causing a surge in crude prices. Oil prices have jumped about $20 per barrel since mid-February, when the Libyan uprising started.

Real estate

Mortgage applications up, home sales still weak: The number of people applying for a mortgage jumped last week. But analysts cautioned that the increase was likely driven by investors, not first-time homebuyers who are needed to help housing markets recover. The Mortgage Bankers Association says its overall mortgage application index rose 16.1 percent from the previous week, the biggest jump since June. But the index is still far off where it was last spring and summer following four months of declines. Mortgage rates have been at their lowest levels in decades, but that hasn’t helped home sales much.

Three women have told the New York Times that music mogul Russell Simmons raped them, the latest in a cascade of serious allegations of sexual misconduct against powerful men in entertainment, media, politics and elsewhere.